Accountant Clayton

 

 The trustee is responsible for making investments on behalf of the maker and beneficiaries.  Accountant Clayton  When making these investments, the trustee should show reasonable care to prevent the loss of assets. In order to carry out these duties sufficiently, a trustee should know the basics of trust accounting so that he or she can record the expenses and income of a trust. Trust accounting income (TAI) refers to all of the income a trust fund generates that’s available for distribution to a trust’s beneficiaries. Trustees need to know a trust fund’s sources of income, so they can distribute the proper amount to its beneficiaries. They have a legal, fiduciary duty to responsibly manage the fund, and failure to do so could bring legal sanctions. It could also cause them to miss out on incentives that may have been available for successful management of the fund.  trust accounting services and assistance in the taxation of local Trusts. Reliable and up-to-date trust accounting is one of the most vital functions of managing a trust. To ensure the integrity and transparency of your trust, it is advisable to rely on experts in trust services, as this will ensure that your trust is compliant with tax regulations as stipulated by authorities. As the successor trustee of a trust or executor of an estate, you are charged with collecting the assets of the decedent, paying all debts of the decedent and making distributions to the beneficiaries according to the trust instrument or probate court.